A few years ago, artificial intelligence and machine learning were terms and concepts that seemed irrelevant and far-fetched to the common man.
But today industries are not only recognizing the potential of these technologies but also putting them to good use.
From social media networks like Facebook to services such as Cox cable, all major companies across various industries are utilizing Al to optimize their performance and expand their business.
Here is how some of the major industries are benefitting from this advanced technology.
The use of artificial intelligence in healthcare is more than perhaps in any other sector. Digital consultation is gradually becoming the norm.
And that’s because people have busy schedules but reliable connections and fully-featured smartphones. The popularity of digital health consultation tools has increased dramatically and more advancements will further improve the processes.
Al-enabled robotic surgery is a breakthrough in medical science. Whether it’s a colorectal surgery or that of the heart, Al helps surgeons deliver with a higher level of accuracy.
This results in reduced blood loss, lesser pain, and hence a shorter stay at the hospital.
Also, by using AL to store and maintain electronic health records, it has become easier to sort out data and access relevant records quickly.
You no longer need to go through tons of files at hospitals or clinics to be able to view a patient’s medical history. Al-enabled health records would readily provide you with the relevant data and details in a matter of seconds.
#2. Retail & E-Commerce
Retail organizations are always looking for the best methods and techniques to study consumer behavior and buying patterns.
They rely on this data to devise strategies that help drive sales, improve customer experience and keep them ahead of their competitors.
Al-based tools benefit retail companies by collecting this data automatically and presenting an analysis that helps them forecast customer needs and demands effectively.
Now Al-enabled chatbots can engage with customers regularly. So, in case a human customer representative is unavailable, the customer would not be provoked to quit a page/sale.
If a potential customer requires assistance on a certain issue and is unable to find it, it reflects badly on the brand image and customer service., and you end up losing sales.
Al-based chatbot with natural language processing can attend to your customers instantly.
Also, if a certain customer has abandoned carts or has not completed a purchase, you could use chatbots to give them reminders along with interesting discount offers.
#3. Banking & Financial Services
The banking and financial services industry is significantly benefitting from the use of Al applications. Human agents have been replaced by software robots.
Take the example of processing loan applications; it would take hours or even days for an individual to process those countless applications but an Al-based tool can perform the same task in a matter of seconds, and that too without error.
In the same way, Robo-financial advisors are capable of sifting through huge chunks of data in seconds to recommend the most suitable plans/decisions for customers.
These Robo-advisors have the ability to analyze your emails, social media activity, and other personal data to identify/suggest the companies and sectors that would best meet your long-term needs.
Furthermore, chatbots are used by insurance companies to enhance customer experience and design suitable plans/products through customer data.
Fraud detection is another very important aspect of the financial sector that Al has facilitated. An example in this regard would be that of Mastercard; it uses Al-based decision technology to analyze different data points and identify fraudulent transactions.
Self-driving cars are not a thing of the distant future. In fact, smart cars have already made their way onto the roads in some countries.
Although they’re still in the trial phase, Al-based self-driving cars are eventually expected to replace manual driving and make it safer.
The predictive mechanisms of these connected cars would be able to accurately inform about the malfunctioning of spare parts, have in-built disaster prevention protocols, the ability to find the best routes and directions, and much more.
Uber, Tesla, and Volvo are at the forefront of the research pertaining to Al-driven systems in vehicles.
Also, Read: What are CAPTCHAs? How Does it Work?